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BREA, Calif. - Mullen Automotive, Inc. (NASDAQ: MULN), an emerging electric vehicle (EV) manufacturer with a market capitalization of $3.07 million and trailing twelve-month revenue of $4.01 million, announced that its subsidiary, Bollinger Motors, has delivered the first Bollinger B4 truck to EnviroCharge. According to InvestingPro data, the company currently maintains a weak financial health score of 0.52 out of 5. The vehicle, part of a larger order, will be converted into a mobile charging unit. The Bollinger B4 is designed as an all-electric Class 4 commercial truck, and the upfitted version will be showcased at the Advanced Clean Trucking (ACT) Expo in Anaheim, California, on April 28, 2025.
The Bollinger B4 trucks are being equipped by EnviroCharge, a service-disabled veteran-owned charge point operating company (CPO) based in Indiana, with custom EV Level 3, 120-kilowatt charging units. This initiative is part of a broader effort to enhance EV charging infrastructure and support the growing demand for electric vehicles, particularly in California. EnviroCharge CEO Charlie Stockton expressed enthusiasm for the partnership with Bollinger Motors, citing the B4’s performance and versatility as ideal for their mission to provide on-the-go electric vehicle charging.
Bollinger Motors, acquired by Mullen Automotive in September 2022, began delivering B4 vehicles to customers in October 2024 and has since qualified for several federal and state incentive programs. These incentives include the Inflation Reduction Act, offering up to $40,000 per vehicle, and various state programs offering additional financial support. InvestingPro analysis reveals the company is rapidly burning through cash, with a concerning current ratio of 0.24, indicating potential liquidity challenges despite available incentives. Get access to 18 additional ProTips and comprehensive financial metrics with InvestingPro.
The Bollinger B4 Chassis Cab features a unique design that protects its 158-kWh battery pack, aiming to provide capability and safety in the commercial market. Mullen Automotive has expanded its commercial dealer network to seven dealers across the U.S., enhancing its market presence.
The partnership between Bollinger Motors and EnviroCharge is expected to contribute to the expansion of the EV charging network and the transition to electric mobility. As the industry continues to grow, the Bollinger B4’s conversion into a mobile charging unit represents a step towards addressing the infrastructure needs of the electric vehicle market. However, investors should note that Mullen’s stock has experienced a significant decline, with a -99.99% return over the past six months. This news is based on a press release statement.
In other recent news, Mullen Automotive has announced the sale of its all-electric Mullen ONE Class 1 cargo van to Global Expert Shipping, marking the first in a series of planned orders. This development aligns with Global Expert’s strategy to reduce its carbon footprint. Mullen has also entered a partnership with Enpower Greentech Inc. to produce advanced semi-solid-state batteries, scheduled to begin manufacturing at Mullen’s California facility in early 2026. This collaboration aims to enhance battery performance and reduce costs. Additionally, Mullen has announced a 1-for-100 reverse stock split to meet Nasdaq’s minimum bid price requirement, which was approved by shareholders and the board of directors.
In legal matters, Mullen’s lawsuit alleging stock manipulation by several financial entities has progressed, as a federal judge ruled against dismissing the case, allowing it to enter the discovery phase. Mullen accuses these entities of using high-frequency trading to manipulate its stock prices. Furthermore, Mullen and its majority-owned Bollinger Motors have committed to sourcing 100% of their commercial vehicles’ assembly in the U.S., with a significant percentage of components sourced domestically. This move aims to mitigate tariff impacts and supply chain disruptions. These recent developments highlight Mullen’s strategic initiatives in electric vehicle production, legal actions, and stock market compliance.
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